In order to strengthen the existing laws relating to black money, the Government constituted a Committee under the Chairman, CBDT to examine the measures to strengthen the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,
(a) Declaring wealth generated illegally as national asset;
(b) Enacting/amending laws to confiscate and recover such assets; and
(c) Providing for exemplary punishment against its perpetrators.
The Committee submitted its report to the Government on 29th March 2012. The report has been sent to different Ministries/Organisations and State Governments for necessary action.
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